Advancements in IoT Forges Disruption of Traditional Business Models across Industry Segments

Advancements in IoT Forges Disruption of Traditional Business Models across Industry Segments

The Internet of Things (IoT) market is poised for rapid growth with the development of microelectronics, ubiquitous connectivity, and cognition. Due to the abundant opportunities for vendors and service providers across all levels of the IoT ecosystem, enterprise systems integrators and platform vendors have a promising future. In the consumer space, Amazon, Google, Apple, Samsung, and Microsoft have intensified efforts to dominate the personal assistance race to control homes and the profitable consumer IoT and artificial intelligence sector. To succeed in a highly fragmented market, consolidation will be essential with vendors and service providers coalescing around large enterprise platforms that provide the necessary building blocks and encourage the development of applications from smaller vendors.

"Application development platforms are the engines that drive IoT growth. By tightening integration and consolidating IoT platforms, seamless solution development, costs, and value for customers will be improved," said Frost & Sullivan Internet of Things (IoT) Research Director Dilip Sarangan.